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WKBT January 19, 2021 12:17 PM Philip Reed Posted: Updated: Getty Images If you think your car could be repossessed, you might feel that you’ve reached the end of the road. But there may still be ways to avoid repossession or, barring that, lessen its damage. Here’s how repossession works: If you have missed several payments on your vehicle, the lender can repossess your car and sell it at an auction. You will then have to pay the difference between what the car sells for and what you still owe, plus various fees. While state laws vary, you may have time to make the missing payments and retrieve your car before it is sold at auction. Or, you can attend the auction and buy it back yourself. ....
Channel3000.com January 19, 2021 12:17 PM Philip Reed Posted: Updated: Getty Images If you think your car could be repossessed, you might feel that you’ve reached the end of the road. But there may still be ways to avoid repossession or, barring that, lessen its damage. Here’s how repossession works: If you have missed several payments on your vehicle, the lender can repossess your car and sell it at an auction. You will then have to pay the difference between what the car sells for and what you still owe, plus various fees. While state laws vary, you may have time to make the missing payments and retrieve your car before it is sold at auction. Or, you can attend the auction and buy it back yourself. ....